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XXIX’s CEO discussed the updated PEA for the Opemiska copper project in Chapais, Québec, and what it means for scale, costs and schedule. The conversation covers the production profile with higher early grades and corresponding price sensitivity, the funding approach including the mechanics and limits of the federal capex refund, and the status of concentrate marketing. We examine the near-term de-risking workstreams, variability, metallurgy, filtration and water balance suited to local conditions, and geotechnical interfaces with legacy underground workings, alongside community engagement, siting choices and permitting timelines. The aim is a clear view of what must be delivered before the next study step and how those milestones affect project financeability.

TLDR

1. PEA economics and execution focus
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   Opemiska’s latest PEA showed an after-tax IRR a little over 27% and a payback of roughly 2.3 years on about C$617 million of initial capital. He acknowledges the muted market response and frames the next phase as execution against those study assumptions rather than chasing new narratives.
2. Front-loaded grade and price sensitivity
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   The production case leans on six early years at roughly 1% Cu-equivalent, supported by stockpiling, with the balance of mine life at lower grades. Management characterizes the revenue mix as approximately two-thirds copper and one-third gold at current prices, and concedes the project remains sensitive to price and sequencing risk.
3. Timing and scope pof the potential Federal refund
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   A federal capex refund is presented as a potential contributor to the funding stack. Mill-related assets would be placed in service first, then, if eligible, reimbursed on a timeline the CEO describes as roughly within 18 months. He stresses this is not upfront cash, that scope is plant-focused, and that they are watching peer claims to gauge real-world timing.
4. Technical de-risking priorities
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   On de-risking, XXIX will be doing metallurgy work, aimed at a defining the potential for a cleaner concentrate, filtration and water-balance work suited to local conditions, and steady progression toward the next study stage. The stated goal is to keep the flowsheet simple and the deliverables measurable.
5. Community and permitting uncertainties
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   Community and permitting are treated as ongoing workstreams rather than solved problems. The CEO notes siting choices (infrastructure north of town, wind orientation, noise and dust controls), acknowledges the possibility of household moves later in mine life, and says that permitting timelines are uncertain and must be managed alongside technical work.

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